GREENWICH, Conn. - Devon Dalio, the 42-year-old son of hedge fund founder Ray Dalio, died in a car crash, a family spokesperson said.
The family spokesperson confirmed the death in a Thursday afternoon crash to Hearst Connecticut Media. An Audi had crashed into a Verizon store at a shopping center and burst into flames, Greenwich police and Fire Chief Joseph McHugh said.
The cause of the crash is still under investigation, Greenwich Police Department Public Information Officer Mark Zuccerella said. The Verizon store was largely destroyed, the newspaper reported.
In a tweet, Ray Dalio — the billionaire founder of Westport, Connecticut's Bridgewater Associates, known as the world's largest hedge fund — said his family was "mourning and processing and would prefer to be incommunicado for the time being."
"We know that the terrible pain we are feeling has been and continues to be felt by so many others so our sympathies go out to them," he said in a follow-up tweet. "May God be with you and may you cherish your blessings, especially at this time of year."
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According to Devon Dalio's LinkedIn page, he worked as a project manager at Bridgewater Associates. He also served as a board member of the Dalio Foundation, according to the foundation's tax filings. In addition to his parents Ray and Barbara Dalio, he's survived by a wife, daughter and three brothers, the newspaper reported.
Connecticut Gov. Ned Lamont, a Greenwich resident, released a statement in which he said he was "devastated" by the Devon Dalio's death.
"As parents, we cannot imagine the grief and sadness of their loss," Lamont said. "Our prayers are with Ray and Barbara, who have been champions for Connecticut’s children."